Market Report – Asian Shares Up, Nikkei off Highs
In today’s market report… Tokyo stocks led gains in Asian markets Monday, after the Bank of Japan convened an emergency meeting to address the strong yen.
The Nikkei posted its biggest gain in 10 days, but pulled back when the BOJ held off on more aggressive steps, opting instead for the expansion of a funding program.
The yen recouped most of its earlier losses to the dollar, and remained not far from the 15-year highs hit last week.
Elsewhere, South Korean stocks were boosted by banking and property stocks, after Seoul unveiled measures to support the construction sector.
The benchmark KOSPI snapped a six-day losing streak to finish 1.8% up.
Worries over Intel’s revenue dampened Taiwan’s technology shares, but tourism stocks rose on continuing hopes of improved cross-straits ties.
Banks and energy stocks led gains in China and Hong Kong, with the Shanghai composite up over 1.5% at the midday break.
Shares of Baosteel rose nearly 4%, after the country’s largest listed steelmaker posted profits near pre-financial crisis levels.
Sydney stocks rose to 10-day highs, with sentiment further boosted by news that Australian companies achieved their best profits in a decade last quarter.